A major purpose of preparing closing entries is to a. Update the Retained Earnings account. b. Adjust

Question:

A major purpose of preparing closing entries is to
a. Update the Retained Earnings account.
b. Adjust the asset accounts to their correct current balances.
c. Close out the Supplies account.
d. Zero out the liability accounts.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 978-0134725987

12th edition

Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.

See More Books

Question Posted: Jun 13, 2019 09:20 AM

See More Questions

Salary Payable at the beginning of the month totals $26,000. During the month, salaries of $125,000 were accrued as expense. If ending Salary Payable is $10,000, what amount of cash did the company...
The accounts of Valley Services, Inc., at January 31, 2018, are listed in alphabetical order. Requirements 1. All adjustments have been journalized and posted, but the closing entries have not yet...
Saginaw Corporation reported the following current accounts at December 31, 2018 (amounts in thousands): Cash.................................................... $1,400...
Consider a 2-m-long wire of thermal diffusivity a=1 subjected to initial temperature 3x(2-x) and boundary temperature 1 and t. The governing equation is: = a at subject to T(0,t) = 1,T(2,t) =t and...
(a) Show that there is a line through any pair of points in the plane. (b) Generalize and show that there is a plane ax + by + cz + d = 0 through any three points in space.
Use matrices A, B, C, and D to find the indicated matrices. If the operations cannot be performed, explain why. D 4C A || 6-3 4 -5 B 1) -1 4 -7 2 -6 11 3 12 -9 -6 D= 79 -6 -4 0 8 16000
advanced regression techniques of which you should be aware
Larry has severe vision problems and, in the past, he has claimed the additional standard deduction available to blind taxpayers. This year Larrys doctor prescribed a new type of contact lens that...
GENERAL FUND TRIAL BALANCE After the reversing entry for the 20X0 encumbrances closing entry was made JAN 1, 20X1 Cash 7,000 Taxes Receivable-Delinquent 48,000 Allowance for Uncollectible...
Meet the Marcottes, Martin and Luz Marcotte that is. Martin is a successful graphics designer who is 38 years old, while Luz is a counseling psychologist, 35 years old, and is working at a State...
Which of the following accounts would not be included in the losing entries? a. Service Revenue b. Depreciation Expense c. Retained Earnings d. Accumulated Depreciation
Selected data for the Rubio Company follow: Based on these facts, what are Rubios current ratio and debt ratio? Current ratio .............. Debt ratio a. 1.200 ............................. 0.629 b....
Use geometry to evaluate the following integrals. .3 |x + 1| dx -2
Evaluate your own negotiation way. Do you have one? how you consider having an excellent negotiaiton skill could help any business person to achieve its goals.
j. Interest was accrued on the note receivable received on October 17 ($100,000, 90-day, 9% note). Assume 360 days per year. Date Description Dec. 31 Interest Receivable Interest Revenue Debit Credit
A Chief Risk Officer (CRO) is interested in understanding how employees can benefit from AI assistants in a way that reduces risk. How do you respond
Based on contract law principles, do you think the jury\'s verdict against the Loewen Group for $ 5 0 0 million was appropriate? Why or why not? What factors should the jury have considered in...
5.) Consider you have two systems - one filled with (1kg) water and the other with (1kg) of air. Both systems are at 1000 kPa and 30 C. Determine numerically which fluid system has the larger...
A clothing business finds there is a linear relationship between the number of shirts, n, it can sell and the price, p, it can charge per shirt. In particular, historical data shows that 1,000 shirts...
The financial statements of Eastern Platinum Limited (Eastplats) are presented in Appendix A at the end of this textbook. Instructions (a) Does East plats report any investments on its statement of...
What is the evidence of the trend toward fair value accounting?
What are some potential disadvantages of fair value accounting?
What are some potential disadvantages of fair value accounting?
explain in excel please For a particular product the price per unit is $6. Calculate Revenue if sales in current period is 200 units. Conduct a data analysis, on revenue by changing the number of...
Hall Company sells merchandise with a one-year warranty. In the current year, sales consist of 35,000 units. It is estimated that warranty repairs will average $10 per unit sold and 30% of the...
Q 4- Crane Corporation, an amusement park, is considering a capital investment in a new exhibit. The exhibit would cost $ 167,270 and have an estimated useful life of 7 years. It can be sold for $...

A major purpose of preparing closing entries is to a. Update the Retained Earnings account. b. Adjust

Question:

Step by Step Answer:

a Update ...View the full answer

Financial Accounting

Students also viewed these Business questions